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Barclays announces changes to Canary Wharf property

Barclays has agreed to assign its lease interests in its 10 South Colonnade (10SC) site in London to the Cabinet Office as part of its continued strategy to reduce costs

The 540,000 square foot site is located in Canary Wharf, where Barclays currently occupies two additional buildings – the bank’s global headquarters at 1 Churchill Place and 5 North Colonnade. Barclays occupies two leases on the 10SC site, both of which are due to expire in 2032. It is anticipated that the handover of the building will be completed by the end of 2017. No employees will lose their job as a result of this announcement.

Barclays will exit the 10SC site on a phased basis, with all colleagues moving to Barclays’ existing sites in Canary Wharf. The exit of the site will result in an annual cost saving of £35m once complete.
About Barclays

Barclays is a transatlantic consumer, corporate and investment bank offering products and services across personal, corporate and investment banking, credit cards and wealth management, with a strong presence in our two home markets of the UK and the US.

With over 325 years of history and expertise in banking, Barclays operates in over 40 countries and employs approximately 130,000 people. Barclays moves, lends, invests and protects money for customers and clients worldwide.

For further information about Barclays, please visit our website www.home.barclays .